Avis Budget Group Inc. Q3 Profit Increases, beats estimates

(RTTNews) - Avis Budget Group Inc. (CAR) announced a profit for its third quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $1.03 billion, or $21.67 per share. This compares with $0.67 billion, or $10.45 per share, in last year's third quarter.

Excluding items, Avis Budget Group Inc. reported adjusted earnings of $1.04 billion or $21.70 per share for the period.

Analysts on average had expected the company to earn $14.64 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 18.3% to $3.55 billion from $3.00 billion last year.

Avis Budget Group Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $1.03 Bln. vs. $0.67 Bln. last year. -EPS (Q3): $21.67 vs. $10.45 last year. -Analyst Estimate: $14.64 -Revenue (Q3): $3.55 Bln vs. $3.00 Bln last year.